Metagenomi, Inc. (NASDAQ:MGX) Short Interest Down 18.9% in May

Metagenomi, Inc. (NASDAQ:MGX - Get Free Report) was the recipient of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totalling 2,400,000 shares, a decrease of 18.9% from the April 30th total of 2,960,000 shares. Currently, 11.0% of the company's shares are sold short. Based on an average daily volume of 370,900 shares, the days-to-cover ratio is presently 6.5 days.

Analysts Set New Price Targets

A number of analysts recently commented on MGX shares. HC Wainwright dropped their price target on Metagenomi from $14.00 to $7.00 and set a "buy" rating for the company in a research note on Thursday, April 3rd. Chardan Capital dropped their price target on Metagenomi from $13.00 to $12.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $16.00 price target (down previously from $20.00) on shares of Metagenomi in a research note on Wednesday, May 14th. Finally, Wall Street Zen lowered Metagenomi from a "hold" rating to a "strong sell" rating in a research note on Thursday, May 22nd. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $13.00.

Hedge Funds Weigh In On Metagenomi

Several institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers increased its holdings in shares of Metagenomi by 123.3% during the fourth quarter. Rhumbline Advisers now owns 11,998 shares of the company's stock valued at $43,000 after acquiring an additional 6,626 shares in the last quarter. Corebridge Financial Inc. increased its holdings in Metagenomi by 303.1% in the 4th quarter. Corebridge Financial Inc. now owns 13,602 shares of the company's stock worth $49,000 after buying an additional 10,228 shares in the last quarter. Voya Investment Management LLC bought a new stake in Metagenomi in the 4th quarter worth about $37,000. Price T Rowe Associates Inc. MD bought a new stake in Metagenomi in the 4th quarter worth about $39,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Metagenomi by 338.7% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,193 shares of the company's stock worth $55,000 after buying an additional 11,730 shares in the last quarter.

Metagenomi Trading Up 4.2%

Metagenomi stock traded up $0.07 on Friday, hitting $1.73. 502,021 shares of the stock traded hands, compared to its average volume of 797,099. The firm has a market cap of $64.67 million, a P/E ratio of -0.82 and a beta of -0.33. The business's fifty day simple moving average is $1.58 and its 200 day simple moving average is $2.23. Metagenomi has a 1 year low of $1.23 and a 1 year high of $6.90.

Metagenomi (NASDAQ:MGX - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.62) by ($0.06). Metagenomi had a negative net margin of 134.27% and a negative return on equity of 43.23%. The company had revenue of $4.13 million for the quarter, compared to the consensus estimate of $8.75 million. As a group, analysts predict that Metagenomi will post -2.46 earnings per share for the current year.

About Metagenomi

Metagenomi, Inc, a genetic medicines company, develops therapeutics for patients using metagenomics-derived genome editing toolbox in the United States. The company's genome editing toolbox includes programmable nucleases, base editors, and RNA and DNA-mediated integration systems, such as prime editing systems and clustered regularly interspaced short palindromic repeat-associated transposases.